\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Conclusions and suggestions:
Performance summary:
The announcement realized an annual revenue of 4.02 billion, a year-on-year increase of 52.6%, recorded a net profit of 860 million, a year-on-year increase of 58.8%. Based on this calculation, 4q realized a revenue of 1.91 billion, a year-on-year increase of 56.7%, recorded a net profit of 510 million, a year-on-year increase of 54.7%, and its performance in the fourth quarter fell near the median value of the forecast. In terms of gross profit margin, the whole year decreased by 0.3 percentage points compared with the same period last year and remained stable.
Dividend scheme: cash dividend of 6 yuan per 10 shares.
The annual revenue of skin care products business was 3.63 billion, a year-on-year increase of 54%, the revenue of make-up was 50 million, a year-on-year decrease of 19%, and the revenue of medical devices was 330 million, a year-on-year increase of 67%. In 2021, the brand influence of the company’s “Winona” in the subdivided fields continued to increase, the market share increased by about 2 percentage points compared with the previous year, and the leading advantage expanded. Relying on the two super single products of “face cream and sunscreen”, the core single product special cream has a strong market position, and sunscreen products show explosive growth. During the “double eleven” period, “Winona” is honored as the only national product brand in Tmall cosmetics and skin care category TOP10. “Winona baby” became famous in the first World War during the “double 11” and ranked among the top 10 in the category of subdivided industries. In addition, aoxmed, an anti-aging high-end brand, has been launched. At present, three products have been filed and are expected to be listed in May this year. Category expansion continued.
In terms of expenses, affected by business expansion, growth of marketing and publicity expenses, improvement of epidemic situation and other factors, the company’s sales expenses increased by 51.8%, management expenses increased by 45.6% and R & D expenses increased by 78.5% year-on-year. Therefore, during the reporting period, the company’s expense rate remained at a high level, the annual expense rate decreased by 0.31 percentage points to 50.45% year-on-year, and the 4Q expense rate increased by 2.61 percentage points to 44.39% year-on-year.
Looking forward to 2022, “Winona”, “Winona baby” and “beauty answer” on the brand
We expect that this year the company will continue to promote along the line of category innovation and brand expansion, and further enhance the influence of main brands and sub brands; In terms of channels, multi platform drainage is expected to continue. At present, the public domain platform will still be the main passenger entrance. In 2021, the revenue of online channels will reach 3.3 billion, with a year-on-year increase of 52%, of which the revenue of Alibaba platform will reach 1.82 billion, with a year-on-year increase of 45.6%, accounting for about 45.3% of the total revenue; The self built platform (private domain traffic) also developed well. During the reporting period, the number of users increased by 853200 to 2983500, and the customer unit price reached 1112.5 yuan; The “private domain operation” project has been launched offline. At present, there are more than 500 outlets, and plans to strengthen cooperation with OTC customers. The diversion effect and private domain member loyalty are expected to be further improved.
It is estimated that from 2022 to 2023, the net profit will be 1.18 billion and 1.55 billion respectively, with a year-on-year increase of 37% and 31% respectively. The EPS will be 2.79 yuan and 3.67 yuan respectively. The current share price corresponding to PE is 56 times and 43 times respectively, maintaining the investment proposal of “interval operation”.
Risk tip: the cost of getting customers increases, the brand improvement is less than expected, and the cost growth is higher than expected
